Stemcor restrained by HC on planned sale of assets

Stemcor Holdings Ltd, seeking to sell its iron ore mine and pellet plant in India to repay about $1.2 billion of debt, was restrained by a court from putting the assets on the block. The Calcutta High Court passed an order following a petition by ICICI Bank, which said the London-based steel trader's Indian assets are part of collateral for a Rs 587 crore loan, according to an interim order published on Wednesday on the court's website. The next date of hearing is October, 7. Stemcor, which failed to repay a $850 million credit line globally due to waning sales, won extra time from banks until December to reorganise its debt.